Google could float today following share price cut
NEW YORK - Google could float as early as today after the company's founders were forced to reduce the offer share price, pushing it below $100 (£55), far below original estimates.
After cutting the share price, Google has now sold 19.6m shares at $85 each, and is expected to debut on the Nasdaq today.
This means the flotation of the online search company has raised $1.67bn, compared with the $3.8bn originally touted. This will value Google as a whole at $23.1bn.
The price has been cut in response to market jitters. Sergey Brin and Larry Page, Google's founders, have conducted the flotation process using unorthodox methods, such as giving an interview to Playboy.
This flouted the rules of the US Securities and Exchange Commission, which asked for additional information about the interview.
Nonetheless, Brin and Page still stand to become billionaires when the stock finally floats.
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